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  1. #1
    Join Date
    Apr 2006
    Location
    NYC
    Posts
    2

    Default Being Sued for Credit Card Debt

    I just received a summons to appear in court regarding a credit card debt of $7,000 from 2 years ago. I have not been working, and could not pay the minimum at the time, and after the late/finance fees started adding up, I gave up completely.
    The question is, should I even go to court? What would I plead? I have no money, I rent an apartment, The only thing that I do have is a vintage car that I was given by a friend a few years ago (technically worth $2,000) and the insurance that I pay on it?
    If they win (since I cannot afford a lawyer) can they take my car? what else can they come after? I don't have any money in my bank account.
    Will they offer me a payment plan one last time before they try to reposess belongings? How does reposession work?
    Can they attempt to take my boyfriend's things (we are not married, and our belongings are separate even though we live together)?
    Please help, I cannot afford legal advise.
    thanks

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default

    If they get a judgment they can try to collect against your non-exempt assets; exemptions vary by state. Collection firms typically try to go after liquid assets such as bank accounts, or to garnish wages as permitted by law. They can't take somebody else's property to satisfy your debt. If a judgment is entered against you and you request, the court may permit installment payments.

  3. #3
    Join Date
    Apr 2006
    Location
    NYC
    Posts
    2

    Default non exempt assets

    Thank you for the information.
    1 last question. . .
    my one asset, my car is old (1962 ford falcon) and not worth much since it is in bad shape. I was told by a lawyer that if the car is appraised at less than $2,400, that it becomes exempt from repossession. Is this true?

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